By Judy Szablak
The best encouraging news that we’ve had for quite some time is that Westport’s real estate market activity is showing some clear movement in the mid-range to lower segment of the upper tier market.
This home at 17 Salem Road is listed at $2,498,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis Westport/Michelle & Company.
This has been trending for the last month or so, and is evidenced by increased median prices, coupled with the pending sales more than $1.5 million that now comprise almost 50 percent of all pending activity in the last 60 days.
This is all wonderful news, however, don’t push the listing price of your property just yet. Values have not increased.
This year’s home sellers have been pricing their homes more in line with the market, and the recent movement is just as indicative that buyers purchase well priced homes as it is for sellers who have begun to understand that pricing their home properly will have a big effect on its saleability.
Market stats: There are now 286 homes that are actively on the market. The average list price of the available homes is $2,176,182. These properties that are currently on the market have been listed for average of 126 days.The median price has been inching up slowly and is now $1,424,000.
The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $214,900.
Eleven new listings came on the market in the last seven days, and no homes came back on the market after being under deposit. Seven properties had a price change.
Five properties have gone under the initial deposit stage, which we call CTS, and five properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
The average price of these five pending properties was $1,798,780 and they were on the market an average of just 105 days.
Closings: No homes were reported as sold in the last week. There were 41 status changes in the last seven days.
Condos: There are 15 condominiums that are available, and they have been listed an average of 152 days. Their average listing price is $671,126, and the median price remains at $539,500.
The highest priced condo in town is listed at $1,495,000 and the lowest offering price is $325,000.
No new listings came on the market in this past week, and no homes came back on the market after being under deposit. There were no price changes.
One property went under the initial deposit stage, and one property went into pending status. There were no closings. There were two status changes in the last seven days.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 54 homes or apartments available. The median price is $3,500 month and the average price is $5,132 per month.
These year-round rental opportunities have been on the market an average of 109 days.
There are 14 seasonal rental opportunities available, and they have been on the market an average of 36 days, with an average price of $22,732. The median price is $19,500.
Please note that seasonal rental prices are sometimes listed as an aggregate price for the season, or they can be listed as per the monthly rental cost.
Source: Market Data is compiled from the GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics.
Featured home: This home at 17 Salem Road is listed at $2,498,000
This spacious, well appointed and superbly designed 14-room home was built in 2007, and is in better than new condition.
Exuding a classic and elegant flair from the moment you approach this home, its 6,262 square feet of living area boasts quite a versatile floor which is perfect a growing family, the entertainer or the entrepreneur.
The regal exterior columned entry opens to a gracious two story foyer with 6-foot high recessed panel wainscoting and custom crown molding, and more specialty mill work can be found throughout the home.
The living room has more custom mill work, a tray ceiling and a fireplace. The dining room also has a tray ceiling, custom crown molding, and recessed panel wainscoting.
The custom gourmet kitchen is fully applianced, and well suited for any culinary enthusiast. A granite topped service island seats four comfortably, and sun-drenched breakfast nook has its own cove area, and overlooks 1.04 acres of professionally landscaped property.
There are a total of six rooms on the first floor, including the study/office which has a tongue-in-groove cathedral ceiling, built in shelving and its own entrance so that business can be separated from home quite easily.
An additional bedroom on the first floor is perfect for an au-pair, or guest suite, and also has its own entrance— the mere thought of this feature for both of these rooms is indicative of the well planned design of this home.
Upstairs there are 9-foot ceilings in each of the five en-suite bedrooms, including the master, which was built with privacy and luxury in mind. There are no adjoining walls to any other bedrooms, and this well appointed suite has custom crown moldings, a tray ceiling and a fireplace, as well as a luxurious bath, which is one of seven full, and one half baths in this home.
The third floor play room has its own full bath and this versatile room can be utilized in any way that suits your needs.
The lower level has a 100-square foot wine cellar, a recreation/media room with another fireplace, and the perfect gym room complete with padded flooring.
This sunlit home has a unique versatility that is second to none, the custom details are outstanding, and this better than new colonial is sunny, cheerful and elegant throughout.
Extras and items to note: wine cellar; Crestron audio/video system; central vacuum.
Annual taxes are $28,120.
Listing/photo courtesy of William Raveis Westport/Michelle & Company.
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(Editor’s Note: Judy Szablak of RE/MAX- Fairfield County CT Realtor since 1984 is author of “The Art of Buying or Selling a Home,” and is featured on HGTV’s real estate show, “Desperate to Buy.” Email .(JavaScript must be enabled to view this email address) or visit her blog at www.TheCTrealtyBlog.com.
